FutureSelect Portfolio Management v. Ernst & Young

VERDICT

Trial
10/13/15 – 11/13/15

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Summary

A Washington State court jury sided with investors on Friday who lost $112 million dollars in Bernie Madoff’s historic Ponzi scheme in their lawsuit against Ernst & Young LLP, finding that the accounting giant was negligent by signing off on audits of billions in assets that didn’t exist.

Friday’s verdict marks the first time a jury has weighed in on the role accounting practices played in contributing to losses suffered by investors who sank money into Madoff-controlled funds. The jury awarded approximately $20.3 million in damages to FutureSelect Portfolio Management Inc. while also finding the investment firm to be 50 percent responsible for its own losses. The actual damages amount will be reduced to $10.15 million, though FutureSelect’s attorney Steven Thomas told Courtroom View Network that pre-judgment interest will push the amount back above $20 million.

Click here for more in-depth coverage via the CVN News Blog.

Outcome

Total damages: $20.3 million

Percentage of responsibility:
FutureSelect - 50%
Ernst & Young - 50%

Actual damages awarded: $10.15 million

Sessions

PM Session
Plaintiff Witness(es)
2 Chapters
OCT
15
AM Session
Not in Session
0 Chapters
PM Session
Not in Session
0 Chapters
OCT
16
AM Session
Plaintiff Witness(es)
0 Chapters
AM Session
Plaintiff Witness(es)
4 Chapters
OCT
21
PM Session
Not in Session
0 Chapters
OCT
23
AM Session
Not in Session
0 Chapters
OCT
29
AM Session
Not in Session
0 Chapters
OCT
30
AM Session
Not in Session
0 Chapters
PM Session
Not in Session
0 Chapters
NOV
11
PM Session
Other
2 Chapters
NOV
12
AM Session
Verdict
3 Chapters
NOV
13

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